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HomeMy WebLinkAbout0642 be applied by it to the payment of: the costs of collection thereof; the costs of management, repairs and upkeep of the property, including the purchase of such additional furniture, fixtures, and equipment as the Assignee in its sole discretion deems necessary for the maintenance of a proper rental or sale value of the property; all taxes, assessments, premiums for public liability insurance and insurance premiums payable by the mortgaqor or other owner as provided in the mortgage described above and any taxes imposed upon or colle ctible by Assignee under any Federal or State law or any law or ordinance enacted by any political subdivision thereof, or any supplements or amendments thereto; provided, however, that such tax shall be based upon~the employment by Assignee of persons necessary to the operation of the property under the assiqnment. Second, the balance, if any, which shall be known as "the net income", shall be applied toward the reduction of the mortgage indebtedness and interest accrued thereon; provided, however, that no credit shall be given by Assignee for any sum or sums received from the rents, issues and profits of the property until the money collected is actually received at Assignee's home office and no credits shall be given for any uncollected rents or proceed of agreements of sale or other uncollected amounts or bills nor sha13 ~red~t ~ :=~LL7u3~ indebtedness be given for any rents, issues and profits derived from the property after Assignee shall obtain possession of the premises under order of Court or by operation of law. 3. Assignee may, after occurrence of default as above provided, from time to time apnoint and dismiss such agents or employees as shall be necessary for the collection of the rents,~ issues and profits and for the proper care and operation of the property including and Assignor hereby grants to such agents or employees so appointed full and irrevocable authority for Assignor's benefit to manage the property and to do all acts relating to such management, including among other things, the making of_new leases and agreements of sale in the name of the owner or other- wise, the settlement and conveyance of portions of the property which are subject to agreements of sale, the alteration or amendment of existing leases or agreements of sale, the authorization of repairs or replacements to maintain the building or buildings ' and chattels situate unon the property in good and tenantable ; condition and the making of such alterations or improvements, as, ~ in the judgment of the Assiqnee, may be necessary to maintain or - i increase the income from or proceeds of the sale of the property. ~ Assignee shall have the sole control of such agents or employees ; whose remuneration shal~ be paid out of the rents, issues and ~ profits as hereinbefore provided at the rate of compensation ~ accepted in the community wherein the property is situated unless ~ otherwise specified, and Assignor hereby expressly re2eases ~ Assignee of any liability to Assignor for the acts of such agents ~ and agrees that Assignee shall not be liable for its neglect or ~ for monies that may come into its hands unless actually received - ~ by Assignee at its home office. ~ ~ 4. Assignor agrees that nothing in this agreement shall ; _ be construed to limit or restrict in any way the rights and powers ~ granted in the mortgage instruments to Assignee or its successor. ~ The collection and application of the rents, issues and profits ~ to the mortgage indebtedness or as otherwise above p~ovided shall not constitute waiver of any default which might at the time of ~ application or thereafter exist under the mortgage instruments, and ~ the payment of the indebtedness secured by such instruments may be accelerated in accordance with their terms, notwithstanding ~ such application. ~ ~ ~ ~ ~ ~ ~ -2- 4 - ~ ~ 5~~~ 290 ~A~~ E42 S» . ~ : _ . _ _ _.r'._ a' ' _ . ~ . ~ ~~e ~~~'Z"~j,r r,,. ~ ~ '~.~""r - `a.r~' r - ~ '~.~,~t~ ~ ~w °~``s' ~ ~ _ ~ -~s" ~..~!'m.;. ~ ~,°b:`,: _ ~ L-. ._a~..~ rr _ r.x~i y"~~ ~ ~ . . . .